I Won the Big Jackpot – What to Do With All That Money?

The Big Jackpot = The World is Mine!?

You’ve done it! Won the big jackpot – now what? It would be an amazing dilemma. Where to start and what to buy first? There’s that private island in the South Pacific. What about a sparkly fancy diamond to glitter on the finger? Do you have a bucket list? Where does a person start?

Lamborghini, Ferrari or an H3 Hummer – Which Would You Choose?

I saw the most gorgeous red Ferrari the other day. I just stood there gawking at it. What a car! It doesn’t matter how hard I work in my current profession – it’s not going to happen. Back to picking lotteries to play but at the same time, it did get me thinking what would I buy if I won that big jackpot?

Using a Concierge Lottery Service

The best and most important thing is as much as people would like to jump up and down and shout “I won! I won!” stop! Using a concierge online lottery service gives you privacy to enjoy and plan your big win. Family and friends have expectations. A friend won a fairly large lottery jackpot in Canada and went public. Within hours, the family was lining up outside his door for ‘their’ piece of the pie. It literally tore the family apart. Next in line were friends and then a variety of charities joined the queue. As generous as you would like to be, it is important to think through what you want to do.

Get Help – Financial Planning

Definitely get help from the professionals and choose carefully. You don’t want to put all your eggs in one basket. Don’t jump into investment opportunities that you don’t understand.

The Tax Man Cometh

That includes tax implications on both what you’ve won and how you invest it. Some lotteries are tax free and some aren’t. Some involve a variety of different tax implications both in the country of the lottery plus where you live. Getting good advice can make a big difference on how much you get to keep. Go slow and get good advice!

Being Sensible

Looking at the Spanish lottery last December people weren’t thinking about that fabulous trip or luxury vehicle but simply getting out of debt and planning a safety net for the future. I must take my hat off to these people as I’d already be on my way to getting the latest model Ferrari – red!Education funds are great and really can make a difference not only for your family but for your community.

Job or No Job?

It seems to be a toss-up on those that give up their job immediately and those that simply go forward and carefully think about what they want to do. I think the St. James Club in Antigua might be my first stop if for no other reason to sit back and think about what is next. There is nothing like a white sandy beach, sunshine and in a luxurious villa to help a person think!

Options and Opportunities

Who wouldn’t smile if presented with a 5.1 carat pink diamond like Ben Affleck gave Jennifer Lopez. How about the dilemma of choosing between Cartier and Tiffany for that special bobble for the person you love?I couldn’t resist surfing around a variety of sites just drooling over some of the unique and amazing designs available and that’s just what is online never mind those ‘special ‘pieces of jewelry that are only shown the back rooms of stores. But then my mind moved on to other opportunities.

What Do YOU Like to Do?

What about the latest in Callaway golf clubs including a special school to go to, to actually learn how to use them properly. And Hex Chrome golf balls instead of whatever is on sale at the local golf shop. Maybe that is thinking small but that is the point – thinking about what you like to do or always wanted to do. Playing Augusta – okay, even with a big jackpot, that’s a long shot but with the right donation to some charity, you probably could get an invitation. What about Mission Hills in Hong Kong, the Blue Monster at Dorval (Florida) or St. Andrews in Scotland.

Places to Go, Things to See

Back to the ole bucket list, how about dancing in the Winter Palace in St. Petersburg, cruising down the Mekong from Vietnam to Cambodia (that’s only $1,000 a day) or being able to say I’ve been to Timbuktu (Mali). Bucket lists can be places or doing things. Mine includes eating ‘Pearls of the Caspian Sea’ on the Caspian Sea (Azerbaijan) and diving in the Red Sea just off of Sharm El Sheikh (Sinai Peninsula, Egypt).

Making a Difference

If you do decide to support a charity, do it through your financial adviser. This anonymity will help ensure that you are not swamped by more and more demands. Pick a charity or charities that you are personally interested in – it makes it a lot more real. Check them out to make sure you understand what they are going to use your money for!

It’s My Money & I’ll Do What I Want

Whether you opt for an amazing trip, that dream home, a flash new sports car or simply making the dreams come true for members of your family, the important thing is not to rush into things and make sure you are protected.

Ultimately, it’s your money and it’s up to you to make sure you spend it on things you want.